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Sullivan & Cromwell, the law firm involved with the ongoing FTX bankruptcy case, is reportedly set to be appointed as Binance ’s independent monitor , following its $4.3 billion settlement with the US government.  As reported by Bloomberg, anonymous sources close to the matter claim that Sullivan & Cromwell is the US Justice Department’s number-one pick, and its approval is close.  Sullivan & Cromwell reportedly beat out an array of rival legal firms for the position and firm partner Sharon Cohen Levin is likely to lead the monitorship team.  The role will give Sullivan & Cromwell access to Binance records, including details on past and present employers, and its facilities. The firm will then update the government at least six times over the coming years on any potential misconduct from Binance.  US gov’t will probe Binance at least six times in three years Read more: Did Binance ex-chief CZ really come to the US voluntarily? If there’s misconduc...

Several bankrupt cryptocurrency firms, including Alameda Research, Blockfolio, Celsius, and Voyager, previously received Payroll Protection Program (PPP) loans through the pandemic-era program. The Payroll Protection Program was a pandemic-era business stimulus program that offered loans to businesses that maintained employment of its employees through the beginning of the pandemic; these loans could then be forgiven. The program was plagued by fraud, with the Small Business Administration inspector general identifying $78.1 billion in potentially fraudulent loans. Sam Bankman-Fried’s failed trading firm, Alameda Research, received a $370,518 loan from Signature Bank and successfully paid back the loan. Bankman-Fried was subsequently convicted of multiple felony counts related to fraud conducted at Alameda Research. Data via ProPublica. Read more: Scammers pose as bankrupt cy firm to drain Celsius users’ wallets Blockfolio, a firm that would end up as part of the Bankman-Fr...

The self-proclaimed ‘Ontario Crypto King,’ who was allegedly kidnapped during his bankruptcy and reportedly owes $40 million in misappropriated crypto investments, is apparently still splashing the cash.  Crypto investor Aiden Pleterski owes former clients $40 million in crypto and forex investments after reportedly spending just 2% of their funds on investments while $16 million was plowed into hired jets, luxury cars, and his Ontario mansion.   So far, roughly 160 investors filing the case against Pleterski in the Ontario Superior Court have clawed back close to $3 million. However, despite this and Pleterski’s ongoing bankrupt cy, the CBC reports that he’s not curbed his frivolous spending and currently describes himself as a professional streamer who’s “unemployed with income.” His lavish lifestyle reportedly includes driving both a McLaren and a Lamborghini, spending $150,000 on Lego , and offering to fly a woman from Sydney to Melbourne on his next tri...

FTX, the defunct crypto exchange, has been consolidating coins as part of efforts to settle over $8 billion in debt owed to customers and creditors following its bankruptcy in November 2022. The bankrupt exchange is in the process of bridging several digital assets to their native blockchain networks, FTX shared in an update via X (formerly Twitter) on Sep. 6. Additionally, they plan to move their holdings of Solana (SOL) and other virtual currencies from their reserves to BitGo. FTX has been actively bridging tokens from various blockchains back to their native blockchains. FTX also has been in the process of migrating SOL and other tokens from existing wallets to BitGo, FTX’s qualified custodian. — FTX (@FTX_Official) September 6, 2023 A court appointed BitGo as FTX’s official custodian following a filing on Nov. 24, 13 days after the crypto exchange declared bankruptcy and founder Sam Bankman-Fried (SBF) resigned as chief executive officer (CEO). You might also l...

Once the bankruptcy plan receives approval, the lender said it intends to concentrate on recovering funds from other defunct firms. BlockFi’s reorganization is gradually progressing, with the company revealing that the United States Bankruptcy Court for the District of New Jersey has conditionally approved its disclosure statement. BlockFi and the Official Committee of Unsecured Creditors jointly issued a statement on Aug. 2, 2023, urging all eligible parties to vote to accept the plan by the Sept. 11 voting deadline. The successful approval of the plan will effectively resolve the Chapter 11 cases and facilitate the return of client funds. Once the bankruptcy plan receives approval , the lender said it intends to concentrate on recovering funds from several defunct firms, including Alameda Research, FTX, Three Arrows Capital, Emergent, Marex and Core Scientific. The primary aim is to optimize client recoveries while countering claims by third parties that could significantly dilute ...